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Additional funds needed for the coming year

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Sales are expected to increase by 20% from $8.2 million in 2015 to $9.84 million in 2016. Assets totaled $5 million at the end of 2015. Current liabilities were $1.4 million, consisting of $450,000 of accounts payable, $500,000 of notes payable, and $450,000 of accruals. The after-tax profit margin is forecasted to be 6%. The company pays no dividends

Under these assumptions, what would be the additional funds needed for the coming year?

Reference no: EM132050511

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